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Claims Auditing Is A Springboard To Cost Reduction

Insurance claims programs can be improved in many ways, the first step being conducting audits for virtually any line of business. Here, we begin with auditing workers' comp claims.

By Gary Jennings | Updated on August 14, 2013

The economic conditions these past few years have compounded the pressure for companies and public entities to identify every way possible to reduce costs. While there are some signs that the economy may be improving, companies recognize that cost control is here to stay and is extremely vital to successful ongoing operations.

Many p&c carriers may not have yet examined ways in-depth to enhance their claims operations to reduce claims costs, likely because of more pressing financial issues. Still more companies erroneously think certain claims costs simply fall into the “cost of doing business,” thereby assuming little can be done to curb expenses. However, claims programs can be improved in many ways, the first step being conducting audits.

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